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Shocking info about the increase in the prices of cars and bikes in Chennai and across TN?
Posted on: 12/Oct/2023 9:23:50 AM
For booking new vehicles in the showrooms, more money would have to be shelled out from the purse hereafter!!
The shocking piece of news is that the prices of cars and bikes would soon go up in Tamil Nadu as the TN govt has increased the tax rates in the Assembly on Wednesday, 11th October 2023.
It is learnt that share autos and taxis and trucks would be paying more road tax amount and this could increase freight and commute costs too. For private omni buses and regular autos, the tax rate remains unchanged.
According to the amendments made in the TN Motor Vehicles Taxation Act, 1974, a person who buys a 2 wheeler costing more than one lakhs would pay 12percent of the vehicle cost as lifetime tax against 8percent till now. If in the past, the tax amount paid was Rs 9600, now the tax amount of Rs 14400 would be paid. Tax of 18% would have to be paid for cars that cost Rs 5lakh to Rs 10lakhs. For those cars that costing more than Rs 20lakhs, 20 percent tax would have to be paid by the buyer
While booking a new vehicle from the automobile showrooms, the vehicle owners would have to pay registration charges plus green taxes, insurance premium, handling charges etc.
None of the neighbouring states collect such a huge amount and it would affect the automobile industry in TN. This was according to Mr. S. Rajavel, state chairperson of Federation of Automobile Dealers Association. He explained that the ex-showroom price of all the vehicles have already increased to 40% in the last year and any further cost increase would affect the sales. He is of the opinion that the TN govt must understand that the two wheelers are no longer luxury items but essential items.
Middle income groups would find it very difficult with the increase in the costs of the vehicles now. This was brought out by Mr. T. Sadagopan, Avadi based transport activist. He spoke about how more people started to buy two wheelers to go to their places of work as frequent disruptions in the train services and reduction in the bus services etc were creating issues.
Important information is that apart from the new registrations vehicles brought from other states to TN would have to pay more tax. It is now said that after the implementation of taxation charges most commercial vehicles in TN would be paying twice the usual tax.
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